There are some health Insurance Policies that do not pick up the tab of hospitalisation. Insurance companies offer fixed
payout when the insured gets hospitalised. These policies are known as 'Benefit Policies. When the Insured loses his earning capacity, such plans
work as a source of income in case a serious hospitalisation incident occurs. This policy also works well as an add-on to a regular health insurance policy.
Some more information about Hospital Insurance and Cash Policies:-
- 'Critical Illness Policy' pays a fixed lump sum if the insured is diagonized with a defined critical illness.
- A hospital cash policy is a popular choice, structured to offer daily cash to meet medical and non-medical expenses during insured's stay in the hospital.
- A hospital cash policy gives you a daily allowance in case an accident or an illness leaves the insured hospitalised.
- This policy features three things. (i) daily cash limit (ii) number of days covered & (iii) eligibility.
- To be eligible for cash payout, insured should have been hospitalised at least 24 hours and some insurance companies even insist for 48 hours.
- Insured should specifically ask for day care procedures in a hospital cash policy. Most policies increase the limit up to intensive care unit (ICU) hospitalisation.
- A hospital cash policy can be bought as an add-on to a base policy. Most insurance companies offer hospital cash policies bundled with regular health insurance policies.
- Hospital Cash Policies also come with initial waiting periods and waiting periods on pre-existing ailments. Insured should carefully read the exclusion clauses.
- In spite of the above benefits, claim process is a bit of difficult for the insured to complete.Insured does not actually get daily allowances when hospitalised. Insured gets their claim only post-hospitalisation when medical records are produced to prove hospitalisation.